Revenue reached $874.0M in Q3 2026 but year-over-year growth has compressed to about 1.6%, while operating margin deteriorated to -10.4% and net margin to -12.8%, suggesting that fixed SG&A costs are absorbing gross profit gains.
Bruker Corporation (BRKR) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 3.51B | 3.44B | 3.37B | 2.96B | 2.53B | 2.42B | 1.99B | 2.07B | 1.9B | 1.77B | 1.61B | 1.62B | 1.81B | 1.84B | 1.79B | 1.65B | 1.3B | 1.11B | 1.11B | 547.58M | 435.83M | 297.57M | 284.42M | 260.68M | 116.37M | 92.69M | 76.6M | 64.69M |
| Revenue Growth % | 2.16% | 2.08% | 13.56% | 17.14% | 4.67% | 21.66% | -4.11% | 9.34% | 7.34% | 9.59% | -0.77% | -10.23% | -1.66% | 2.68% | 8.46% | 26.58% | 17.08% | 0.67% | 102.18% | 25.64% | 46.46% | 4.62% | 9.11% | 124.01% | 25.54% | 21% | 18.41% | - |
| Cost of Goods Sold | 1.83B | 1.86B | 1.72B | 1.45B | 1.23B | 1.21B | 1.05B | 1.08B | 995.6M | 952.9M | 868.8M | 915.2M | 1.05B | 1.03B | 960M | 899.2M | 698.9M | 595.9M | 602.1M | 294.44M | 236.5M | 171.76M | 165.94M | 144.83M | 55.87M | 43.59M | 35.59M | 28.13M |
| COGS % of Revenue | - | 54.09% | 51% | 48.95% | 48.41% | 49.97% | 52.71% | 51.98% | 52.52% | 53.96% | 53.92% | 56.36% | 57.8% | 56.22% | 53.59% | 54.44% | 53.56% | 53.47% | 54.39% | 53.77% | 54.26% | 57.72% | 58.34% | 55.56% | 48.01% | 47.03% | 46.46% | 43.49% |
| Gross Profit | 1.68B | 1.58B | 1.65B | 1.51B | 1.31B | 1.21B | 939.8M | 995.3M | 900M | 813M | 742.5M | 708.6M | 763.3M | 805.2M | 831.4M | 752.5M | 606M | 518.6M | 505M | 253.14M | 199.33M | 125.81M | 118.48M | 115.84M | 60.5M | 49.1M | 41.02M | 36.56M |
| Gross Margin % | 47.93% | 45.91% | 49% | 51.05% | 51.59% | 50.03% | 47.29% | 48.02% | 47.48% | 46.04% | 46.08% | 43.64% | 42.2% | 43.78% | 46.41% | 45.56% | 46.44% | 46.53% | 45.61% | 46.23% | 45.74% | 42.28% | 41.66% | 44.44% | 51.99% | 52.97% | 53.54% | 56.51% |
| Gross Profit Growth % | - | -4.35% | 9% | 15.9% | 7.94% | 28.71% | -5.58% | 10.59% | 10.7% | 9.49% | 4.78% | -7.17% | -5.2% | -3.15% | 10.48% | 24.17% | 16.85% | 2.69% | 99.5% | 26.99% | 58.44% | 6.19% | 2.27% | 91.49% | 23.2% | 19.72% | 12.19% | - |
| Operating Expenses | 1.68B | 1.34B | 1.4B | 1.08B | 873M | 796.3M | 691.5M | 694.4M | 618.1M | 578.6M | 539.5M | 537.9M | 625.2M | 628.4M | 637.7M | 596.9M | 450.3M | 255.3M | 388.3M | 198.51M | 162.95M | 115.17M | 119.59M | 125.53M | 54.75M | 45.83M | 40.28M | 33.38M |
| OpEx % of Revenue | - | 39.04% | 41.48% | 36.31% | 34.5% | 32.93% | 34.79% | 33.5% | 32.61% | 32.77% | 33.48% | 33.13% | 34.56% | 34.16% | 35.6% | 36.14% | 34.51% | 22.91% | 35.07% | 36.25% | 37.39% | 38.7% | 42.05% | 48.15% | 47.05% | 49.44% | 52.58% | 51.6% |
| Selling, General & Admin | 954.7M | 946.5M | 893.8M | 729.4M | 607.4M | 562.3M | 477.8M | 504.8M | 444.7M | 415.9M | 390.5M | 392.2M | 451M | 437.9M | 442.4M | 403.6M | 297.3M | 255.3M | 254.5M | 140.04M | 112.99M | 73.81M | 76.38M | 77.75M | 33.81M | 27.72M | 20.25M | 14.76M |
| SG&A % of Revenue | - | 27.54% | 26.55% | 24.6% | 24% | 23.26% | 24.04% | 24.36% | 23.46% | 23.55% | 24.24% | 24.15% | 24.93% | 23.81% | 24.7% | 24.44% | 22.78% | 22.91% | 22.99% | 25.57% | 25.92% | 24.8% | 26.85% | 29.83% | 29.06% | 29.9% | 26.43% | 22.81% |
| Research & Development | 387.2M | 395.2M | 376.5M | 294.8M | 235.9M | 220.8M | 198M | 187.7M | 173.4M | 162.7M | 149M | 145.7M | 174.2M | 190.5M | 195.3M | 177.2M | 141.4M | 126.4M | 133.8M | 58.47M | 49.96M | 41.36M | 43.22M | 38.03M | 20.73M | 18.47M | 20.03M | 15.14M |
| R&D % of Revenue | - | 11.5% | 11.18% | 9.94% | 9.32% | 9.13% | 9.96% | 9.06% | 9.15% | 9.21% | 9.25% | 8.97% | 9.63% | 10.36% | 10.9% | 10.73% | 10.84% | 11.34% | 12.09% | 10.68% | 11.46% | 13.9% | 15.2% | 14.59% | 17.82% | 19.92% | 26.15% | 23.4% |
| Other Operating Expenses | 1.9M | 0 | 126.1M | 52.2M | 29.7M | 13.2M | 15.7M | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.1M | 5.8M | 200K | 0 | 0 | 0 | 0 | 0 | 9.74M | 202K | -356K | 0 | 3.49M |
| Operating Income | 500K | 236M | 253.1M | 436.9M | 432.7M | 413.3M | 248.3M | 300.9M | 262.4M | 214.7M | 177.2M | 145.7M | 105.4M | 148.2M | 156M | 155.6M | 155.7M | 136.7M | 108.2M | 49.97M | 30.66M | 10.64M | -1.12M | -9.68M | 5.75M | 3.27M | 734K | 3.18M |
| Operating Margin % | 0.01% | 6.87% | 7.52% | 14.74% | 17.1% | 17.09% | 12.49% | 14.52% | 13.84% | 12.16% | 11% | 8.97% | 5.83% | 8.06% | 8.71% | 9.42% | 11.93% | 12.27% | 9.77% | 9.13% | 7.04% | 3.57% | -0.39% | -3.71% | 4.94% | 3.53% | 0.96% | 4.91% |
| Operating Income Growth % | - | -6.76% | -42.07% | 0.97% | 4.69% | 66.45% | -17.48% | 14.67% | 22.22% | 21.16% | 21.62% | 38.24% | -28.88% | -5% | 0.26% | -0.06% | 13.9% | 26.34% | 116.54% | 62.96% | 188.23% | 1051.52% | 88.45% | -268.51% | 75.53% | 345.91% | -76.91% | - |
| EBITDA | 145.6M | 456.3M | 436.9M | 551.8M | 521.4M | 502.4M | 328.8M | 376.5M | 327.3M | 278.6M | 231.5M | 199M | 165.1M | 209.5M | 215.1M | 158.6M | 161.5M | 166.4M | 138.1M | 62.59M | 43.95M | 19.25M | 8.68M | 7.19M | 13.94M | 9.31M | 4.88M | 6.66M |
| EBITDA Margin % | 4.14% | 13.28% | 12.98% | 18.61% | 20.6% | 20.78% | 16.54% | 18.17% | 17.27% | 15.78% | 14.37% | 12.26% | 9.13% | 11.39% | 12.01% | 9.6% | 12.38% | 14.93% | 12.47% | 11.43% | 10.08% | 6.47% | 3.05% | 2.76% | 11.98% | 10.05% | 6.37% | 10.3% |
| EBITDA Growth % | -60.21% | 4.44% | -20.82% | 5.83% | 3.78% | 52.8% | -12.67% | 15.03% | 17.48% | 20.35% | 16.33% | 20.53% | -21.19% | -2.6% | 35.62% | -1.8% | -2.94% | 20.49% | 120.62% | 42.42% | 128.36% | 121.86% | 20.62% | -48.41% | 49.68% | 90.88% | -26.79% | - |
| D&A (Non-Cash Add-back) | 174.4M | 220.3M | 183.8M | 114.9M | 88.7M | 89.1M | 80.5M | 75.6M | 64.9M | 63.9M | 54.3M | 53.3M | 59.7M | 61.3M | 59.1M | 3M | 5.8M | 29.7M | 29.9M | 12.63M | 13.29M | 8.61M | 9.79M | 16.87M | 8.2M | 6.04M | 4.14M | 3.49M |
| EBIT | -51.2M | 82.3M | 254.8M | 560.6M | 430M | 407.9M | 240.2M | 296.4M | 275.2M | 235.6M | 207.8M | 182.6M | 114.6M | 177.8M | 152.6M | 152.8M | 155.7M | 136.6M | 104.9M | 50.45M | 36.39M | 22.42M | -2.74M | -9.68M | 5.65M | 1.37M | 734K | 3.18M |
| Net Interest Income | -18.5M | -45.5M | -38.6M | -8.9M | -13.3M | -13.4M | -11.2M | -14.7M | -11.4M | -14.6M | -12.9M | -11.8M | -5.2M | -12.4M | -13.4M | -5.7M | -4.1M | -6.5M | -6.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.9M | 14.8M | 9.3M | 7.5M | 2.8M | 900K | 3.2M | 1.3M | 1.2M | 800K | 300K | 1.2M | 800K | 1M | 900K | 1M | 900K | 1M | 4.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.4M | 60.3M | 47.9M | 16.4M | 16.1M | 14.3M | 14.4M | 16M | 12.6M | 15.4M | 13.2M | 13M | 6M | 13.4M | 14.3M | 7.3M | 5.6M | 7.5M | 40.5M | 11.84M | 3.96M | 0 | 3.85M | 6.36M | 20.15M | 0 | 0 | 1.35M |
| Other Income/Expense | -76.3M | -215M | -47.9M | 109.3M | -17.8M | -19.7M | -22.5M | -20.5M | -17.7M | -21.7M | -4.2M | -17.7M | -4.1M | -23.6M | -17.7M | -10.1M | -5.6M | -7.6M | -15M | -89.09M | 3.76M | -780K | -3.78M | 1.85M | -9.88M | 2.73M | 1.59M | -1.32M |
| Pretax Income | -75.8M | 21M | 205.2M | 546.2M | 414.9M | 393.6M | 225.8M | 280.4M | 244.7M | 197.8M | 177.6M | 128M | 101.3M | 124.6M | 138.3M | 145.5M | 150.1M | 129.1M | 93.2M | 48.61M | 34.42M | 11.95M | -4.9M | -7.83M | -4.14M | 6.01M | 2.32M | 1.86M |
| Pretax Margin % | -2.16% | 0.61% | 6.1% | 18.42% | 16.39% | 16.28% | 11.36% | 13.53% | 12.91% | 11.2% | 11.02% | 7.88% | 5.6% | 6.77% | 7.72% | 8.81% | 11.5% | 11.58% | 8.42% | 8.88% | 7.9% | 4.02% | -1.72% | -3% | -3.56% | 6.48% | 3.03% | 2.88% |
| Income Tax | 42.3M | 29.3M | 91.4M | 117.7M | 116.4M | 113M | 64.4M | 82.4M | 63.7M | 117.5M | 23.1M | 23.1M | 41.7M | 42.8M | 60.1M | 51.5M | 53.3M | 48.1M | 28M | 16.78M | 15.93M | 8.26M | 2.87M | 9.72M | 2.06M | 2.37M | 254K | 986.89K |
| Effective Tax Rate % | -55.8% | 139.52% | 44.54% | 21.55% | 28.05% | 28.71% | 28.52% | 29.39% | 26.03% | 59.4% | 13.01% | 18.05% | 41.16% | 34.35% | 43.46% | 35.4% | 35.51% | 37.26% | 30.04% | 34.53% | 46.28% | 69.15% | -58.51% | -124.19% | -49.87% | 39.44% | 10.95% | 52.98% |
| Net Income | -123.4M | -8.6M | 113.1M | 427.2M | 296.6M | 277.1M | 157.8M | 197.2M | 179.7M | 78.6M | 153.6M | 101.6M | 56.7M | 80.1M | 77.5M | 92.3M | 95.4M | 81.2M | 64.9M | 31.53M | 18.48M | 3.65M | -7.83M | -17.55M | -6.2M | 3.64M | 2.25M | 1.25M |
| Net Margin % | -3.51% | -0.25% | 3.36% | 14.41% | 11.72% | 11.46% | 7.94% | 9.51% | 9.48% | 4.45% | 9.53% | 6.26% | 3.13% | 4.35% | 4.33% | 5.59% | 7.31% | 7.29% | 5.86% | 5.76% | 4.24% | 1.23% | -2.75% | -6.73% | -5.33% | 3.92% | 2.94% | 1.93% |
| Net Income Growth % | -490.43% | -107.6% | -73.53% | 44.03% | 7.04% | 75.6% | -19.98% | 9.74% | 128.63% | -48.83% | 51.18% | 79.19% | -29.21% | 3.35% | -16.03% | -3.25% | 17.49% | 25.12% | 105.84% | 70.6% | 406.88% | 146.56% | 55.39% | -183.13% | -270.47% | 61.64% | 80.07% | - |
| Net Income (Continuing) | -118.1M | -8.3M | 113.8M | 428.5M | 298.5M | 280.6M | 161.4M | 198M | 181M | 80.3M | 154.5M | 104.9M | 59.6M | 81.8M | 78.2M | 94M | 96.8M | 81M | 65.2M | 31.83M | 18.49M | 9.79M | -7.76M | -17.55M | -6.18M | 2.69M | 2.07M | 876.04K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 37M | 53.8M | 34M | 36.1M | 18M | 14.3M | 13.1M | 31.4M | 8.5M | 8.1M | 6.7M | 6.8M | 5.8M | 4.1M | 3.1M | 3.4M | 2.7M | 1.6M | 800K | 538K | 239K | 233K | 193K | 124K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.81 | -0.15 | 0.76 | 2.90 | 1.99 | 1.81 | 1.02 | 1.26 | 1.14 | 0.49 | 0.95 | 0.60 | 0.33 | 0.48 | 0.46 | 0.55 | 0.58 | 0.49 | 0.39 | 0.60 | 0.18 | 0.10 | -0.08 | -0.17 | -0.12 | -0.05 | 0.04 | 0.03 |
| EPS Growth % | -586.94% | -119.74% | -73.79% | 45.73% | 9.94% | 77.45% | -19.05% | 10.53% | 132.65% | -48.42% | 58.33% | 81.82% | -31.25% | 4.35% | -16.36% | -5.17% | 18.37% | 25.64% | -35% | 233.33% | 86.72% | 218.57% | 52.18% | -41.67% | -140% | -225% | 33.33% | - |
| EPS (Basic) | - | -0.15 | 0.76 | 2.92 | 2.00 | 1.83 | 1.03 | 1.27 | 1.15 | 0.50 | 0.95 | 0.60 | 0.34 | 0.48 | 0.47 | 0.56 | 0.58 | 0.50 | 0.40 | 0.61 | 0.18 | 0.10 | -0.08 | -0.17 | -0.12 | -0.05 | 0.04 | 0.03 |
| Diluted Shares Outstanding | 152.5M | 151.8M | 149.5M | 147.2M | 149.4M | 152.9M | 154.6M | 156.6M | 157.2M | 159.1M | 162.2M | 169.1M | 169.5M | 168.5M | 167.4M | 166.9M | 165.7M | 164.9M | 165.6M | 164.3M | 102.56M | 101.13M | 96.38M | 103.26M | 52.6M | 54.06M | 56.25M | 45.5M |
| Basic Shares Outstanding | 152.5M | 151.8M | 149M | 146.4M | 148.6M | 151.4M | 153.4M | 155.2M | 156.2M | 158.1M | 161.4M | 168.2M | 167.8M | 166.5M | 166M | 165.4M | 164.4M | 163.5M | 162.7M | 161.2M | 101.51M | 100.82M | 96.38M | 103.26M | 52.6M | 54.06M | 56.25M | 45.5M |
| Dividend Payout Ratio | - | - | 26.7% | 6.88% | 10.05% | 8.73% | 15.59% | 12.68% | 13.97% | 32.32% | 16.8% | - | - | - | - | - | 0.1% | - | 594.76% | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BRKR stock.
For fiscal year 2025, Bruker Corporation (BRKR) reported total revenue of $3.44B. This represents a 5212.2% increase compared to $64.7M in 1999.
Bruker Corporation (BRKR) reported a net loss of $8.6M for the fiscal year ending 2025.
Bruker Corporation (BRKR) reported an operating income of $236.0M, resulting in an operating profit margin of 6.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Bruker Corporation (BRKR) generated $1.58B in gross profit for the year, representing a gross profit margin of 45.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative net margin persistence
Metrics are mathematically derived from official filings.
Top-Line Growth Has Flattened Materially
Based on reported quarterly figures, Bruker's revenue rose from $800.7M in Q2 2024 to $874.0M in Q3 2026, but year-over-year growth has compressed to roughly 1.6% to 2.1% in the latest periods, well below the mid-teens pace seen through 2024.
The deceleration from double-digit growth in 2024 to low single digits in 2026 suggests demand from core academic and government buyers has slowed or that prior acquisitions have lapped. Because the data does not isolate organic from acquired revenue, investors should monitor whether reported growth is sustaining instruments demand or merely reflecting portfolio additions. Durability of growth above 5% appears uncertain on current evidence.
Gross Margin Holds Above Peer Pressure
As reported in the income statement, Bruker's gross margin of roughly 47% to 50% through 2026 sits below Waters at 57.8% and Trimble at 68.3%, though it has recovered from a 44% trough in Q3 2025.
The recovery in gross margin in the first half of 2026 suggests some improvement in product mix or cost absorption, but the persistent gap to specialty tools peers points to a structurally lower pricing position. The margin profile appears sensitive to the lower-margin BEST and NANO segments, so mix shifts could move results materially in either direction.
Operating Leverage Has Reversed Sharply
Based on reported figures, operating margin swung from a positive 7.9% in Q3 2024 to negative 10.4% in Q3 2026, with SG&A remaining near $226M to $247M per quarter while gross profit fell.
The fixed-cost base of SG&A and R&D appears not to have scaled down with the revenue plateau, which indicates negative operating leverage in recent quarters. This suggests that even modest top-line softness can erase operating profit, warranting close attention to cost discipline and restructuring progress.
Net Losses Outpace Operating Trends
According to reported quarterly results, Bruker posted net losses of $111.8M in Q3 2026 and $52.0M in Q2 2026, with EPS of -0.81 and -0.41, a gap wider than operating losses alone would imply.
The divergence between operating loss and net loss suggests material non-operating charges, interest expense, or integration-related items, though the supplied data does not decompose these. Investors should treat the reported net figures as warranting further investigation rather than as a settled measure of underlying earnings power.
Bear Case Rests on Sustained Losses
Based on reported figures, a Debt/Equity ratio of 0.81 combined with negative net margins and return on equity near -0.4% leaves limited room for further operating deterioration before balance-sheet flexibility is constrained.
The bear argument centers on whether recent acquisitions and integration costs are structural rather than temporary, which would imply a lower earnings base for the foreseeable future. If operating margins do not recover toward the 11% seen in Q4 2025, the current leverage level may increase sensitivity to interest rates and refinancing conditions. The latest earnings event lacks a confirmed EPS result and guidance tone, so this assessment should be revisited once reconciled results are available.